Arcade Publishing has filed for bankruptcy, Crain‘s reports while analyzing the publisher’s filing in U.S. Bankruptcy Court in the Southern District of New York.
When Arcade’s publisher and co-founder Richard Seaver died in January, the press floundered during a rough year for all publishers. Seaver and his wife founded the press 20 years ago, and the stunning author list includes Bertolt Brecht, Raymond Chandler, and Octavio Paz. The filing stressed that the company’s would attempt a “reorganization” that could carry the publisher through these tough times.
Here’s more from the article: “Among its biggest creditors are Little Brown & Co., which distributes Arcade books. Arcade owes the publisher $243,932 for a loan, and $242,876 under its distribution agreement. The publisher also owes $25,779 to one of its authors, the Indian politician and novelist Shashi Tharoor.” (Via Literary Saloon)